UPDATE 1-Africa's MTN cancels $300 million stake sale in Mascom Wireless Botswana [Reuters]
MTN GROUP LTD S/ADR (MTNOY)
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Source: Reuters
UPDATE 1-Africa's MTN cancels $300 million stake sale in Mascom Wireless Botswana - Reuters 2 Min Read (Recasts with Botswana transaction; adds quote, details) JOHANNESBURG, Oct 31 (Reuters) - South African telecoms major MTN Group Ltd has ditched a plan to sell its 53% stake in Mascom Wireless Botswana, which was supposed to net the company $300 million. Africa’s largest mobile operator by subscribers said in a quarterly update on Thursday that certain conditions related to the transaction had not been met, which led to the company’s decision. Chief Financial Officer Ralph Mupita said on a call with reporters that the bid for MTN’s stake in the business had been unsolicited, and it was for now no longer being held for sale. “In the longer term, if somebody came with a very attractive offer for the business, we’ll apply our minds then,” he said. A 15 billion rand ($1.00 billion) divestment plan is making “steady process”, Mupita said, adding that the company was in advanced discussion
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